TECHNEDs invests in merger of 01T and Connected Enterprise Limited (CXS.)
UK-based investment firm, TECHNEDs, has provided private equity investment to the merger of global specialist network provider, 01T, and UK-based internet services provider, Connected Enterprise Limited (CXS).
The newly expanded Group will benefit from the investment firm’s specialist knowledge and experience in the integration of technology businesses, as the merger will see Iain McKenzie and Simon Mewett from TECHNEDs, join the Group as Non-Executive Directors, with the former becoming the Group Chairman.
The merger will see the businesses trade under the 01T brand from 2021.
Simon Mewett, Founder and Managing Partner of TECHNEDs, said
“The key driver around our decision to invest in this merger was the strong shared culture between 01T, CXS and TECHNEDs. Our ambition is for this Group to become the preferred network connectivity partner for organisations seeking a single service level and rapid deployment.”
The newly formed 01T Group will aim to challenge international carriers by simplifying the often-complex process of sharing data internationally and focusing on exceptional service.
The merger has also enabled the Group to accelerate the launch of their global carrier ethernet network, which will launch in early 2021, to 103 countries on-net, with 100 Gbps ports as standard.
“As the demand for robust, high capacity global network connectivity continues to skyrocket, and the value of infrastructure and data centre grows, reach and service has never been more important. This merger provides us with the platform to realise our vision of bringing the world on-net and becoming the natural place for businesses to exchange data across international boundaries. I am exceptionally excited to bring the two teams together and re-write the rules of international network connectivity,” said Alex Lower, CEO of 01T.
This merger is one of two in recent months for the UK-based investment firm. The other saw computer support and services business, ITSB, merge with audio visual equipment supplier, Quad Vision. Find out more about this merger.